In a statement today, Central said the memorandum of understanding covered all 18 of its permits and permit applications.

Central signed a similar farm-out deal with Petroleum Exploration Australia (PXA) earlier this month.

Under the latest deal, the joint venture will drill up to 54 wells and undertake $54 million worth of seismic surveys.

Advent will pay 40% in return for a 20% stake.

"With PXA and Advent both contributing to Central's exploration program, Central will be in the position of having to fund only 20% of its ongoing exploration whilst retaining operatorship and a 60% participating interest in any discovery and in the underlying acreage," Central managing director John Heugh said.

He said the joint ventures would drill at least three wells, and undertake 1000km of 2D seismic surveys, during the second half of this year.